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Safe Havens Fall Out Of Favour Monday

JPY

USD/JPY wavered on Monday, staying below neutral levels for the better part of the session, finishing barely in negative territory. Both sides of the pair underperformed in G10 FX space, as the equity space showed some resilience.

  • The rate last deals at Y127.82, down 9 pips on the day. Support from May 19 low of Y127.03 is now exposed and a break here would open up the nearby Apr 27 low of Y126.95. Conversely, a break above May 12 high of Y130.05 would bring May 9 cycle high of Y131.35 into view.
  • Looking ahead, flash Jibun Bank PMIs are due out of Japan today, with Tokyo CPI coming up Friday.

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